BMP3004 World of Work: Functional Areas of Business - IOM Electronics

This report provides a comprehensive overview of the functional areas within a business, using IOM Electronics Ltd as a case study. It defines a business and its functional areas, highlighting the importance of each department for efficient operations. The report details the key functional areas, including marketing, human resource management, customer service, finance, research and development, and sales. It also describes the specific skills required for employees to excel in each area, such as communication, analytical skills, organizational abilities, and financial acumen. The analysis underscores how these functional areas work together to ensure smooth business operations and achieve organizational goals. The report concludes by emphasizing the significance of both the functional areas and the corresponding employee skills in building an effective and efficient business.

BMP3004
World of Work
Functional Areas
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Table of Contents
1.0 Introduction..........................................................................................................................3
2.0 What is a business? ....................................................................................................3
3.0 What is Functional areas of business - Definition.......................................................3
4.0 What are the key functional areas of a business?......................................................3
5.0 Description of the various functional areas in business organizations.......................4
5.1 Marketing: ........................................................................................................4
5.2 Human Resource Management: .......................................................................4
5.3 Customer Service:..............................................................................................4
5.4 Finance: .............................................................................................................4
5.5 Research and Development:.............................................................................5
5.6 Sales: .................................................................................................................5
6.0 Description of the types of skills needed by employees to be able to work effectively
in these functional areas...................................................................................................5
6.1 Skills needed by Marketing employees: ...........................................................5
6.2 Skills needed by Human Resource Management employees: ..........................5
6.3 Skills needed by Customer Service employees:.................................................6
6.4 Skills needed by Finance employees: ...............................................................6
6.5 Skills needed by Research and Development employees:................................6
6.6 Skills needed by Sales employees: ....................................................................7
Conclusion..................................................................................................................................7
References..................................................................................................................................8
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l壱1.0 Introduction
Functional area refers to a team that has person which have similar skills and
knowledge. The purpose of functional area is to ensue that all business activities are
carried out efficiently. IOM Electronics Ltd is taken as base company. IOM
Electronics Ltd is a well-known regional organisation which is based in Manchester
and Liverpool having 200 employees. In this report, it covers all the key functional
areas of business organisation and the skills that are required by the employees for
running the functional area smoothly for the organisation. In context to the selected
organisation, there are various types of functional areas in business organisation
which are mentioned below-
l壱2.0 What is a business?
Business refers to an organisation which sells products and services for
increasing profitability to the company. It includes all those activities which has an
aim of making available the products and services to the society and they are
engaged in commercial, industrial and professional activities (Battistella and et. al.,
2017). Businesses can have range from small companies to operating the operations
to large companies across the globe.
l壱3.0 What is Functional areas of business - Definition
It refers to an important segment of organisation which has assigned different
activities and function in which each department as to perform. With the help of
functional areas, the company can able to implement policies as well as have the
ability to operates successfully.
l壱4.0 What are the key functional areas of a business?
An organisation has many functional areas which are operating for a smooth
running of business. Apart from that, there are four functional areas such as
marketing, HR, IT and financial management which are must for a organization to
operate.
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l壱5.0 Description of the various functional areas in
business organizations
l壱5.1 Marketing:
Marketing plays an important role in an organisation which helps in gaining
customers by using effecting marketing strategies (Duane and O'Reilly, 2017).
Marketing functional area in IOM Electronics helps in promoting their products and
services as well as identifies how all the commodities will be delivered and also
helps in creating pricing strategies. The organisation can also do their marketing
with helps of different emerging technologies such digital marketing which helps in
catering a large number of people through social media in which the organisation
can easily communicate to the people about their products and services.
l壱5.2 Human Resource Management:
HRM help IOM Electronics in recruiting the right candidate for the
organisation to achieve the goals. They make sure that the person should have all
the skills and knowledge which is needed in the company. They also have the
responsibilities of maintaining relationship with their employees, providing
compensation and benefits to the staff members, helps in developing the
organisation.
l壱5.3 Customer Service:
Customer service is the interaction of people with the organisation which is
handled by customer service department. It includes various functions such as
customer inquiries, order processing and their complaints. In respect to the selected
company, the customer service in the company helps in creating, maintaining and
retaining relationship with the customers. It also works on the feedback given by the
customers which passes on to the company for improving the operation in the
company.
l壱5.4 Finance:
Finance department is important for an organisation as it deals with the
planning and managing the funds of the company (Hague, 2018). The finance
department of the selected organisation records all the profit earned and spent by
the company which helps in taking decisions for planning the strategies. The make
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sure about the cash flows which is planned through expenditure budget and the
potential revenue.
l壱5.5 Research and Development:
In context to the selected organisation, research and development helps in
developing new as well improving existing products and services. They also works
for improving on those areas which the customer has given feedback (Karuc and et.
al., 2021). The team of research and development teams make sure about their
competitors and their product which leads in developing strategies for the
organisation to compete with them.
l壱5.6 Sales:
The sales department helps the selected organisation in generating revenue
and also make sure it give profit to the organisation by selling of products and
services. The sales department and marketing department collaborate with each
other for creating awareness that helps the customers in knowing the products as
well as services that they offered. Along with this, it also gives the information about
the new launching of their commodities.
l壱6.0 Description of the types of skills needed by
employees to be able to work effectively in these
functional areas
l壱6.1 Skills needed by Marketing employees:
Marketing employees of IOM Electronic has all that knowledge and skills
which helps to promote the company that requires a good communication skills that
can easily attract the customers. The employees should also have analytical skills
that will helps in determining and analyzing the needs and wants of the customers.
In addition to this, creativity skills is must for employees in planning of different
concepts for new products as well as themes used in advertisements.
l壱6.2 Skills needed by Human Resource Management employees:
IOM Electronic employees working under human resource management
should be able to apply organisation skill which helps in creating and maintaining all
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the information and data of the company with the use of payroll software, employee
schedule and benefit management (Nath and Bharadwaj, 2020). In addition it to, they
should be tech savvy as it helps in maintaining all the records of the employees,
posting vacancy online on different job portals. Human resource management has a
lot of roles and responsibilities and the employees has their own inquires and
complaints regrading to the work environment which the employees only count on
HR. The HR requires a lot of patience for handling such issues in the workplace.
l壱6.3 Skills needed by Customer Service employees:
It is important for all employees to have the proper communication who are
working under customer service department as they are calling on mobiles which
requires a clear tone of voice and focuses on the pitching that they delivered (Tomita
and et. al., 2021). The customer service of the selected organisation helps in solving
the problems faced by the customers in which the employees should be patient a
well as a good listener. The customer sometime panic or talk with a higher tone of
voice in which the employees have to patiently listen to them as they are the
representatives of the company. The employees should also have the knowledge of
all the products which the company is dealing with it. The selected organisation
providing training in knowing about the product so that they can easily solve the
problems of customers regarding any product.
l壱6.4 Skills needed by Finance employees:
Finance is an essential part of organisation as it deals with all the fund related
activities. In context to IOM Electronic Ltd, the employees under financial
department should have the accounting skills for recording all the accounting
transaction and accounting regulations. The employees have the ability to read and
discuss the financial statements for providing the financial advises. Also in order to
sort and process the heavy data and information, they should have the idea of all
the emerging tools and technologies and their uses which make the work easier for
finance and accounting purposes.
l壱6.5 Skills needed by Research and Development employees:
The employees of the selected company under research and development
department should have the ability to see the big picture of project in which they are
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working (Valentinov, 2019). They should have the leadership and managerial skills as
well as communication skills which helps in communicating the information to all the
employees of the organisation. R&D employees should be creative as well for
planning new product strategies.
l壱6.6 Skills needed by Sales employees:
Sales department allows an organisation for selling and purchasing of
different commodities which helps in increasing the profitability also the sales
employees must have all the abilities to maintain the sale of the commodities that
leads to achieve the goals of the organization (Yuan and et. al., 2017). Firstly, the
sales person should have the ability to communicate best as they are directly
interacting with the customers. In addition to it, they should have the negotiation
skills for dealing of the products and services. Along with this, their personality and
relationship building should be strong enough that leads in accomplish the task
easier.
l壱Conclusion
From the above discussion, it can be concluded that business plays an
important role in creating profit by selling of commodities and functional area of
business includes all the departments which helps in smooth operation of the
organisation. In this report, it includes an introduction to business and and their
functional areas which contribute in running of the organisation. It also includes
marketing, HRM, customer services, financial managemnent, R&D and sales which
the functional areas of business that helps in operating the organisation in area of
expertise that leads n building of effective and efficient business. And to make every
department effective for opeartig, it requires employees with appropriate skills for
executing the operation which is also explained in this report.
l壱
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l壱References
Book and journals
Battistella and et. al., 2017. Cultivating business model agility through focused capabilities:
A multiple case study. Journal of Business Research, 73, pp.65-82.
Duane, A. and O'Reilly, P., 2017. A conceptual stages-of-growth model for managing a
social media business profile. Irish Journal of Management, 36(2), pp.78-98.
Hague, D., 2018. Pricing in business (Vol. 23). Routledge.
Karuc and et. al., 2021. Can injuries be predicted by functional movement screen in
adolescents? The application of machine learning. The Journal of Strength &
Conditioning Research, 35(4), pp.910-919.
Nath, P. and Bharadwaj, N., 2020. Chief marketing officer presence and firm performance:
Assessing conditions under which the presence of other C-level functional
executives matters. Journal of the Academy of Marketing Science, pp.1-25.
Tomita and et. al., 2021. Limits of stability and functional base of support while standing in
community-dwelling older adults. Journal of motor behavior, 53(1), pp.83-91.
Valentinov, V., 2019. The ethics of functional differentiation: reclaiming morality in Niklas
Luhmann’s social systems theory. Journal of Business Ethics, 155(1), pp.105-114.
Yuan and et. al., 2017. MULTI FUNCTION EVALUATION AND FUNCTIONAL
ZONING OF AGRICULTURE——A CASE STUDY OF HUNAN
PROVINCE. Chinese Journal of Agricultural Resources and Regional
Planning, 38(3), pp.93-100.
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